As the world of crypto continues to evolve, so too do the methods employed by criminals to launder illicit funds. A recent report by Elliptic sheds light on the alarming surge in crypto money laundering, with a staggering $7 billion in suspicious or high-risk funds already laundered through cross-chain and cross-asset platforms.
Data presented in the report underscores the urgency of addressing the growing threat of financial crimes in the crypto space.
The Complex Web Of Cross-Chain Criminal Activity
Elliptic’s report delves into the intricate tactics employed by criminals to obscure their money laundering activities. The use of decentralized exchanges (DEXs), cross-chain bridges, and coin swap services has become increasingly prevalent.
Over the period from July 2022 to July 2023, approximately $2.7 billion was laundered through these channels. Notably, these illicit actors are adopting more sophisticated techniques, such as derivatives trading and limit orders, to further conc
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